Kenyans have borrowed Sh35 billion from Hustler Fund

Machakos

Friday August 25, 2023

KNA by Roselyne Kavoo

Micro and Small Enterprise Authority (MSEA) Board Chair James Mureu has said out of the Sh35 billion borrowed, Sh25 billion has been repaid, while 7.5 million Kenyans have borrowed more than once.

"The repeat borrowers is an indication of how the fund is popular among Kenyans owing to the low interest rate. It also shows that the fund is a valuable source of credit for borrowers'',he said.

The board chair noted that through Hustler Fund many Kenyans who could not access credit due to stringent requirements like collateral can now borrow based on their credit rating.

"We are making the unbanked, bankable by stopping the question of borrowers being asked for collateral and pegging it on one's credit rating,” added Mureu.

He said Hustler Fund's mantra is based on the borrowers' commitment to service debt.

"Our motto is service your debt to improve the credit scoring for more money,” noted the board chair.

Mureu who spoke during the Machakos University 2023 Innovation Trade Fair allayed fears of defaulting on the fund, saying most Kenyans repay borrowed money.

He called on Kenyan universities to tailor their curriculum to produce graduates that possess skills required both at the local and international markets.

"For a long time Kenya has been exporting commodities like tea and coffee, but the time has come for us to start exporting our human resources,” said the board chair.

Mureu said Kenya should take advantage of the aging population in countries mostly in Europe in need of a young workforce.

"Countries like Italy and Holland have an aging workforce, while our country has a young, robust and an enterprising community that is well trained. These services can be exported," he said.

The board chair further noted that Kenya has in the recent past made digital innovations, services that can be utilised in other countries.

"The digital space has seen a number of innovations. Hustler Fund is a good example of these innovations where in a click of a button we are able to reach many people. As a country we should focus on selling these services,” said Mureu.

Speaking at the same event, Machakos University Chancellor James Mweria said the trade fair aims at creating a platform for students to venture into entrepreneurship and if possible export the services.

"As a country, we churn out close to 800,000 graduates per year against 100,000 available jobs. Our vision as a university is to give students scholarly education for them to bring social-economic transformation in their communities'', said Mweria.

The chancellor said the trade fair will provide market linkages to the exhibitors and train them on how to package their goods and services for both local and international markets.

Courtesy ; K. N. A